Running a business is time consuming and stressful. I bet you already knew this, eh?
In the maelstrom of tasks you need to conquer to keep your business afloat, there will inevitably be those things you miss.
Sometimes these seem unimportant, sometimes you simply forget and every so often we can all be just plain lazy. However, if you put them off forever your business health will suffer.
“We often miss opportunity because it’s dressed in overalls and looks like work” ― Thomas A. Edison
Have a think about the last time you did the following…
Don’t neglect your tax prep!
“Nothing is certain except for death and taxes.” – Benjamin Franklin
‘Aint that the truth? Yes, tax time is a certainty and we all know the penalties involved in non -compliance.
Firstly, you should have funds set aside, with overflow allowances, to manage your tax bill. Your head will explode if you haven’t been putting money into a separate account each year. Either this or you could try volunteering taxes every quarter. Always chat to your bookkeeper or business advisor about this – they exist for a reason.
Furthermore, you should anticipate EOFY by getting your records in order within your accounting software. Make sure your receipts are in place and your account data is ready for review by your adviser. Reconcile your accounts and have your bank statements and invoices available for review.
Re-negotiate with suppliers
There is a good chance you can get a better deal. A better deal on what? Everything.
Yes, it’s nice to have a great supplier relationship, but unless you shop your business around on an annual basis, there’s a high probability you’re getting a little screwed.
Spend an hour or so a year researching new suppliers, new deals or re-negotiating with your current suppliers. It’s a very straightforward way of increasing cashflow in your business and making sure you’re getting the best deal.
Yes, we budget and keep an eye on our cashflow, profitability and potential future earnings, but do you sit down once a year and give yourself a true performance review?
Each year you should be, not only creating a refreshed business plan for the year, but also be doing some brutal self-assessment.
First – take stock. Take a moment once a year to review your performance. It’s a good start to take a look at your accounting software as it will give you nice and accurate reporting on cashflow, sales and business costs etc. So:
- How did your actual numbers compare to your projections?
- Can you see places to save money next year?
- What are your new projections?
- Which areas can you improve upon to achieve growth?
- Adjust your business plan accordingly
Reassess your software and automation
Are you still kicking around with the same software and workflows you started your business with? Time to re-evaluate.
Map out all of your processes such as sales processes, marketing, communications, inventory etc.
- What software is involved?
- Can you find better, newer alternatives with more features?
- Can you find a less costly alternative?
What about your workflows like social posting, emails or online sales processes:
- Can you create a workflow with less steps?
- Can you streamline a process?
- Can you automate a task you currently do manually?
- Can you create a process where the customer needs to do less
Such tasks are often forgotten in the storm of business and it’s easy to overlook something already in place. However, once a year you should take the time to ensure your business operations are as frictionless as possible and you aren’t getting left behind on the technology front.
Talk to an advisor
As always, so much of this business planning work can be eased by simply chatting to your advisor. They’re the experts and they’re here to keep you in growth mode. If you don’t already have a bookkeeper – feel free to use our bookkeeper and accountant search function to pinpoint one in your area.